The authority is authorized to establish not-for-profit corporations it considers necessary or appropriate to carry out the purposes of this chapter. These corporations have the powers provided to such corporations under applicable corporate law including, but not limited to, the ability to establish one or more for-profit or not-for-profit corporations, provided, however, that such for-profit corporations are subject to applicable federal and state taxes, and provided that such for-profit corporations shall not compete with any for-profit corporations incorporated in South Carolina. Any such corporation shall engage an independent accounting firm to conduct an annual audit of its books and records.